Hi Mudit
I feel the context is different. For retail, the success depends on the location, parking, access etc
Thus having an appropriate location (and for long term) it makes sense to own the property (land or otherwise retail space)
In the long term, the saving in rentals (and escalations, etc) versus the cost of the asset ( and also the WACC) would come into play
Lastly it does increase the fixed assets, reduce some cost (increase in profit) so sort of balances the ROE/ROCE percentages
We also do need to consider whether this increases the liabilities ( LT loans) or from internal accruals
These are the factors to decide on the merits of owning versus renting
Thanks